Foster Wheeler Ltd. was incorporated under the laws of Bermuda in 2001. Effective May 25, 2001, Foster Wheeler Corporation, which was originally incorporated under the laws of the State of New York in 1900, underwent a reorganization pursuant to which shareholders received one share of Foster Wheeler Ltd., for each share of Foster Wheeler Corporation they owned. The Company's business falls within two groups: the engineering and construction group; and the energy group. The Engineering and Construction Group designs, engineers and constructs: petroleum processing facilities; chemical; petrochemical; pharmaceutical; natural gas liquefaction facilities; natural gas liquefaction receiving terminals; and related infrastructure. The infrastructure facilities include power generation and distribution facilities; production terminals; pollution control equipment; and water treatment facilities. The Engineering & Construction Group provides direct technical and management services. This group purchases equipment, materials and services from third party vendors and subcontractors. The Energy Group designs, manufactures and erects steam generating and auxiliary equipment for power stations and industrial markets worldwide. The Energy Group also provides research analysis and experimental work in: fluid dynamics; heat transfer; combustion and fuel technology; materials engineering; and solids mechanics. In addition, the Energy Group builds, owns and operates cogeneration, independent power production and resource recovery facilities as well as facilities for the process and petrochemical industries. The Company markets its services and products through a worldwide staff of sales and marketing personnel and through a network of sales representatives. Tray, Inc. is an indirect subsidiary of the Company. The Energy Group generates revenues from: construction and operating activities, pursuant to long-term sale of project outputs like electricity contracts; operating and maintenance agreements; and from returns on its equity positions.